Details about the Expected Oil Price Rollback Next Week
OIL PRICE ROLLBACK – The authorities in the oil industry expect another decrease in oil prices next week.
Among the things that affect a lot of people are the changes in the prices of oil products. For several months since January, a lot of Filipinos were challenged by the high prices of fuel amid the global oil problem. The ongoing tension between Russia and Ukraine was considered a factor in the oil problem that affects several nations across the globe.
Amid the high costs of fuel in the country, drivers of public utility vehicles sought the help of the government. Many of them claimed that they could no longer bring home a good amount due to the high costs of fuel. The government released fuel subsidies to PUV drivers.
Meanwhile, for several weeks now, oil price rollbacks are taking place in the Philippines. There is even straight weeks of oil price drops.
Recently, the experts in the oil industry released an update. Based on a report on ABS-CBN News, another oil price rollback is expected next week. It will be the fifth straight week of drops in the prices of oil.
According to the report, diesel, gasoline, and kerosene are all expected to have price drops next week. The following are the expected drops in their costs:
- Diesel – P0.50 to P0.80 per liter
- Gasoline – P0.40 to P0.60 per liter
- Kerosene – P1.10 to P1.20 per liter
The oil industry experts said that the oil price rollback may be higher if the Philippine Peso was not weaker over the United States (U.S.) Dollar in the past few weeks. Energy Director Rodela Romera said that the country purchases imported oil thus U.S. Dollar is being used in paying for the purchased.
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